Potential crude oil price movement in a 1-day timeframe
Shooting Star Pattern identified, a bearish reversal candlestick pattern called a "shooting star." This suggests a potential price decline if certain conditions are met.
Key Levels:
Support: 6840 - If the price falls below and sustains under 6840, it could indicate further downward movement.
Resistance: 6950 - A break above 6950 would invalidate the bearish shooting star pattern and suggest a potential price increase.
Predicted Movement:
Downside: If the price closes below 6840, you expect a further 40-50 point decline.
Important Notes:
This analysis is based on a single technical indicator (shooting star) in a 1-day timeframe. It's important to consider other technical indicators and fundamental factors that can influence price movement.
Supporting indicators: Are there other technical indicators that support the bearish signal from the shooting star?
Shooting Star Pattern identified, a bearish reversal candlestick pattern called a "shooting star." This suggests a potential price decline if certain conditions are met.
Key Levels:
Support: 6840 - If the price falls below and sustains under 6840, it could indicate further downward movement.
Resistance: 6950 - A break above 6950 would invalidate the bearish shooting star pattern and suggest a potential price increase.
Predicted Movement:
Downside: If the price closes below 6840, you expect a further 40-50 point decline.
Important Notes:
This analysis is based on a single technical indicator (shooting star) in a 1-day timeframe. It's important to consider other technical indicators and fundamental factors that can influence price movement.
Supporting indicators: Are there other technical indicators that support the bearish signal from the shooting star?